Otter Tail Co. (NASDAQ:OTTR) Holdings Cut by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its holdings in Otter Tail Co. (NASDAQ:OTTRGet Rating) by 13.7% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,990 shares of the utilities provider’s stock after selling 4,921 shares during the period. State of New Jersey Common Pension Fund D owned about 0.07% of Otter Tail worth $1,907,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Sawtooth Solutions LLC bought a new position in Otter Tail in the second quarter worth about $252,000. Victory Capital Management Inc. lifted its holdings in Otter Tail by 12.8% in the second quarter. Victory Capital Management Inc. now owns 292,101 shares of the utilities provider’s stock worth $19,609,000 after acquiring an additional 33,137 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Otter Tail in the second quarter worth about $817,000. Dupont Capital Management Corp bought a new position in Otter Tail in the second quarter worth about $157,000. Finally, Envestnet Asset Management Inc. lifted its holdings in Otter Tail by 40.4% in the second quarter. Envestnet Asset Management Inc. now owns 17,130 shares of the utilities provider’s stock worth $1,150,000 after acquiring an additional 4,925 shares during the last quarter. Institutional investors own 49.01% of the company’s stock.

Otter Tail Price Performance

Shares of NASDAQ:OTTR opened at $61.72 on Friday. The firm’s 50 day moving average is $58.91 and its two-hundred day moving average is $65.47. Otter Tail Co. has a 52 week low of $52.60 and a 52 week high of $82.46. The firm has a market capitalization of $2.57 billion, a P/E ratio of 8.80 and a beta of 0.50. The company has a current ratio of 1.90, a quick ratio of 1.30 and a debt-to-equity ratio of 0.70.

Otter Tail (NASDAQ:OTTRGet Rating) last posted its quarterly earnings data on Monday, October 31st. The utilities provider reported $2.01 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.31. Otter Tail had a net margin of 19.69% and a return on equity of 27.09%. The business had revenue of $383.86 million for the quarter, compared to analyst estimates of $389.30 million. Analysts anticipate that Otter Tail Co. will post 6.6 earnings per share for the current year.

Otter Tail Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 9th. Investors of record on Tuesday, November 15th were paid a dividend of $0.412 per share. The ex-dividend date was Monday, November 14th. This represents a $1.65 dividend on an annualized basis and a dividend yield of 2.67%. Otter Tail’s dividend payout ratio is presently 23.54%.

Analysts Set New Price Targets

Several brokerages have commented on OTTR. Maxim Group dropped their price target on shares of Otter Tail from $95.00 to $75.00 in a research note on Wednesday, November 2nd. Siebert Williams Shank upgraded shares of Otter Tail from a “sell” rating to a “hold” rating and set a $63.00 price target on the stock in a research note on Monday, November 28th. Finally, StockNews.com lowered shares of Otter Tail from a “buy” rating to a “hold” rating in a research note on Monday, October 31st.

Insider Activity at Otter Tail

In related news, Director John D. Erickson sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $56.31, for a total transaction of $112,620.00. Following the transaction, the director now owns 3,633 shares in the company, valued at $204,574.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.00% of the company’s stock.

Otter Tail Company Profile

(Get Rating)

Otter Tail Corporation, together with its subsidiaries, engages in electric utility, manufacturing, and plastic pipe businesses in the United States. The company's Electric segment produces, transmits, distributes, and sells electric energy in Minnesota, North Dakota, and South Dakota; and operates as a participant in the Midcontinent Independent System Operator, Inc markets.

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Institutional Ownership by Quarter for Otter Tail (NASDAQ:OTTR)

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